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FINANCIAL NEWS
Saudi slashes June Arab Light crude price to Asia by USD1.30
06 May 2012
(MENAFN) Saudi Aramco announced that the country decided to reduce the official selling price (OSP) of its Arab Light crude to Asia in June by USD1.30, reported Arabian Business.
The state-owned firm added that the price has been set at the Oman/Dubai average plus USD1.15 per barrel, compared with USD2.45 per barrel in the current month.
It also said that the OSP to the US has been increased by USD0.30, to the ASCI plus USD0.50 per barrel, whereas prices to Northwest Europe were increased by USD1.25 to ICE Bwave minus USD2.60 per barrel.
It is worth noting that Brent crude prices grew to USD128 per barrel in March, recording the highest level since 2008, due to worries over supply shortages from Iran.
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